Consumer Products

Fnac Buys Darty shares at 170 pence, raises offer

NickKostov

PARIS--The billion-dollar takeover fight gripping the French consumer-goods sector took another turn Monday with France's Groupe Fnac SA raising its offer for U.K.-listed Darty PLC (DRTY.LN), a supplier of electrical goods for the third time.

Fnac, the French retailer said Monday it has bought 48.73 million shares in Darty at 170 pence and will therefore raise its previous offer of 153 pence, as required under takeover panel rules. The new offer includes a partial share alternative, allowing accepting Darty shareholders to take one Fnac share for every 25 Darty shares held, and values the company at 900.24 million pounds ($1.0 billion). Fnac now owns 87.54 million Darty shares, or 16.53% of its issued share capital.

Last week, Fnac and South Africa's Steinhoff International Holdings NV traded sweetened counterbids on Darty. Responding to the latest offer, Steinhoff said it is considering its options and advised Darty shareholders to take no action at this time.

Its latest offer, announced on Thursday by Conforama, Steinhoff's French home-furnishing unit, was 160 pence a share, up from an earlier 150 pence a share bid, valuing the company at about GBP860 million.

Darty shares at 1235 GMT were up 7.5 pence, or 4.6%, at 170.5 pence.

Write to Nick Kostov at Nick.Kostov@wsj.com and Ian Walker at ian.walker@wsj.com

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